Youngs Brewers sees strong revenues and ups dividend

Youngs & Co. Brewers saw revenues rise in the first half and pushed up its dividend by 5%.

The company said revenue was up 34% at £90.5m during the six months to October, with adjusted profit before tax up 11% to £12.5m.

However, including exceptional items such as a £29.1m non-cash adjustment to the income statement resulting from a recent estate revaluation, the company posted a loss of £16m, down 247% on the previous year.

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Adjusted basic earnings per share were up 11% to 18.73p

Youngs announced an interim dividend of 6.68p, up 5.0% from the first half of 2010.

Chief executive Stephen Goodyear, said the firm's estate had traded very well, with the recent acquisition of Geronimo proving a success, and its hotels business showing further strong growth.

Youngs bought privately-owned Geronimo Inns for £60m in cash last December to expand its London-focused pubs estate.

"Our decision to focus on an estate of premiuim managed houses, primarily in London and the south of England, is clearly paying off and will help to insulate us against the worst of any further economic downturn," he said.

"We anticipate a healthy pipeline of opportunities, using our balance sheet strength, to grow further in line with this strategy."

"Trading performance in the early weeks of the second half has continued in a positive vein, and we remain confident in our ability to deliver further long term growth in shareholder value," he said.

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